Rott, mi sa che non e' sempre cosi, non vorrei sbagliarmi ma sulle DB 8% (o forse le BPCE?) il wording consente la regulatory call prima ancora dell' entrata in vigore delle nuove regole, nel momento in cui vengono recepite, anche se con efficacia 1/1/2013.
“Regulatory Event” means that the Bank is notified by a relevant regulatory authority that, as a result of the
occurrence of any amendment to, or change (including any change that has been adopted but has not yet
become effective) in, the applicable banking laws of Germany (or any rules, regulations or interpretations
thereunder, including rulings of the relevant banking authorities) or the guidelines of the Committee on Banking
Supervision at the Bank for International Settlements, in each case effective after the date of the issuance of the
Company Securities and the Trust Securities, the Bank is not, or will not be, allowed to treat (i) the Upper Tier 2
Percentage of the Class B Preferred Securities, if any, as supplementary capital (Ergänzungskapital) or upper
Tier 2 regulatory capital or (ii) the Tier 1 Percentage of the Class B Preferred Securities, if any, as core capital
(Kernkapital ) or Tier 1 regulatory capital, in each case for capital adequacy purposes on a consolidated basis
Sono andato a leggermi il prospetto della DB 8% (che non ho mai avuto) e hai perfettamente ragione
![Pollice su! :up: :up:](/images/smilies/thumbsup.gif)
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Mi hai anche messo una pulce nell’orecchio e sono andato a rileggermi la stessa clausola per qualche altra emissione. Ne ho concluso che occorre proprio leggere con attenzione il prospetto per capire a quale momento scatta il “Capital Disqualification Event” o “Regulatory Event”, e che il caso da te evocato (DB) forse non è rarissimo.
Poichè per noi investitori la cosa ha rilevanza solo per i corsi superiori a 100 (ben venga la Redemption se si è sotto 100), riporto, per esempio, le definizioni che ho trovato sui prospetti della Intesa 663 e della Fortis/Ageas 291:
“Regulatory Event” means a situation whereby the Issuer
is not permitted under the applicable rules and regulations adopted by the Lead Regulator, or an official application or interpretation of such rules and regulations including a decision of any court or tribunal, at any time whilst any of the Notes are outstanding
to treat the Notes as own funds for the purposes of (i) Tier 1 Capital or (ii) in case of future amendments to Italian laws or regulations on regulatory capital, up to such fraction of the regulatory capital as will apply to non-cumulative perpetual instruments or similar instruments or liabilities pursuant to which the Issuer has a call option linked to an increase in the amount of payment due in respect of such instruments or liabilities (save where any inability to so treat the Notes is solely as a result of any applicable limitation on the amount of such regulatory capital);...(Intesa)
“Tier 1 Disqualification Event” means the receipt by either of the Parent Companies of an opinion, declaration, rule or decree of the BFIC to the effect that there has been a change in (i) the law or regulation or (ii) the interpretation thereof, resulting in more than an insubstantial risk that the Securities (or any portion thereof)
will not be eligible to be included in calculating the Tier 1 capital of Fortis Group. (Fortis(Ageas).
Nel primo caso (Intesa) l’emittente non potrebbe redimere prima dell’1-1-2013; nel secondo (Fortis/Ageas) potrebbe farlo non appena entrasse in vigore il regolamento che ne decreta, anche a partire da un momento successivo, la non eligibility a capitale.
Come li vedi i due casi che ho citato?